Indian Bank Raises ₹5,000 Crore in Long-Term Infrastructure Bond Issue
Mumbai, March 23 – Indian Bank announced today that it successfully raised ₹5,000 crore through a 10-year long-term infrastructure bond issue. The bond carries a coupon rate of 7.15 per cent.The lender received significant interest in the offering. Market sources reported two bids totaling ₹3,100 crore at a 7.13 per cent coupon rate. Furthermore, the bank received two bids each valued at ₹4,100 crore and ₹5,050 crore, both offering a 7.15 per cent coupon. One additional bid for a total value of ₹5,075 crore was also received.
Indian Bank’s initial target was to raise ₹5,000 crore, including an additional ₹3,000 crore under a greenshoe option. The bonds have been rated ‘AAA’ with a ‘Stable’ outlook by CARE and CRISIL. Payment and allotment of the bonds are scheduled for March 24. This refers to the date when investors and the issuer exchange bonds and money.
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